DIC Asset AG leases around 5,200 sqm in the Global Tower in Frankfurt to Google Germany

DIC Asset AG leases around 5,200 sqm in the Global Tower in Frankfurt to Google Germany

- Pre-letting rate rises to 43%, further talks underway

- Completion progressing according to plan

Frankfurt am Main, 01 April 2020. DIC Asset AG (ISIN: DE000A1X3XX4), one of Germany's leading listed property companies, has pre-let a total of around 5,200 sqm to Google Germany via its subsidiary GEG as part of its third-party mandate to revitalise the Global Tower in Frankfurt. This involves modern office spaces on several floors, which in addition to a roof terrace also has a tenant's own canteen. In total, more than 200 employees will be working there. With the recent pre-letting the occupancy rate in the Global Tower reaches 43%.

Christian Fritzsche, Authorised Officer Development, comments: "We are pleased that we have been able to win Google Germany as another top-class tenant for the Global Tower. We are currently in letting negotiations about additional spaces and are very confident that we will further increase the pre-letting rate as planned over the course of the year".

The former Commerzbank high-rise Global Tower, with a total area of around 33,000 sqm on 25 floors, is located in the heart of Frankfurt's banking district and is being comprehensively revitalised in DIC Asset AG's Institutional Business segment. The total investment costs are around EUR 340 million. Once the property has gone into operation, it will be managed by GEG as an individual mandate in the third-party business.

About DIC Asset AG:

With more than 20 years of experience on the German real estate market, the company maintains a regional footprint on all major German markets through seven branch offices, and has 180 assets with a combined market value of c. EUR 7.6 billion under management (as of 31/12/2019).

In its Commercial Portfolio division (EUR 1.9 billion in assets under management (as of 31/12/2019)), DIC Asset AG acts as proprietor and property asset holder, and thus generates revenues both from the management of the assets and through the value optimisation of its own real estate portfolio.

In its Institutional Business division (EUR 5.7 billion in assets under management (as of 31/12/2019)), which operates under the name GEG German Estate Group, DIC Asset AG generates income from structuring and managing investment vehicles with attractive dividend yields for national and international institutional investors.